to government curbs."
Jewellers are depending on recycled gold to meet the coming festive and wedding demand. They are also geared with innovative schemes to attract customers, he added.
All India Gems and Jewellery Trade Federation Chairman Soni said jewellery demand would remain stable but coins and bullion sale is likely to drop by almost 50 per cent on Dhanteras this year from the year-ago period.
Echoing his views, Bombay Bullion Association former president Suresh Hundia said: "Government has banned import of bars and coins. So, there is no supply to meet the demand for such items on the festival day."
He said the demand for coins has already fallen by 70 per cent and jewellery by 60 per cent from over last year's levels due to government restrictions and rupee depreciation.
To contain gold demand, the government has raised import duty to 10 per cent and stipulated that 20 percent of imports should be used for exports. It has also banned import of coins, bars and medallions.
The country has imported 393.68 tonnes of the yellow metal during the April-September of this year, as per official data.